US stocks close lower
TSX down 111pts
Crude prices weigh on energy firms
US benchmarks closed in the red on Tuesday as energy stocks pulled indexes lower.
The Dow Jones closed over 30 lower at 23,409. The S&P 500 shed nearly six points at 2,578, while the tech heavy Nasdaq lost almost 20 pts at 6,737.
In Toronto, the TSX plunged over 111 points at 15,915.
US stocks were firmly in the red at mid-session.
The Dow Jones is down over 58 at 23,381, while the S&P 500 lost 9.5 points to stand at 2,575.
The tech heavy Nasdaq index shed over 35 points at 6,722.
In Toronto, the TSX shed over 77 points to 15,948.
US crude, West Texas Intermediate, lost 1.89% to stand at US$55.69 a barrel.
In equities, some of the most notable risers were MoSys Inc (NASDAQ:MOSY), which rocketed up over 156% to US$1.73 after its third third-quarter earnings were well ahead of estimates. The company also beat sales estimates by nearly $1 million.
Elsewhere, Buffalo Wild Wings (NASDAQ:BWLD) shares flew up over 25% to US$147.15 as it had emerged that a US$2.3 billion takeover bid had been submitted by private-equity firm Roark Capital. The firm’s bid for the restaurant chain is worth over US$150 per share.
On the losing front, Network-1 Technologies Inc (NYSE:NTIP) shares sank over 31% to US$3 after a jury in the United States District Court determined that Network-1's Remote Power Patent was invalid and not infringed by Hewlett-Packard.
Wall Street shares made a dismal start in New York with the Dow Jones sagging 75 points at 23,364 as traders surveyed the general economic picture.
The broader S&P 500 index lost 9.55 at 2,575.
The tech heavy Nasdaq shed 24 at 6,732.
In Toronto, the TSX lost over 76 points at 15,949.
Tax plans were in focus as was Fed chairwoman Janet Yelled as she joined in a big meeting of Central bankers in a discussion that could offer some idea of the path for interest rates.
The provider of automotive aftermarket parts posted adjusted earnings per share of US$1.43 for the three months ended 7 October, down from US$1.73 the same period a year ago but better than market forecasts of US$1.22.
Revenue, however, missed estimates of US$2.21bn at US$2.18bn, compared to US$2.24bn last year. Comparable store sales for the quarter dropped 3.4%.